TAMARACK RESORT :: TAMARACK, IDAHO :: EXECUTIVE SUMMARY
INTERSTATE
the Payette River Mountains, approximately 90 miles north of Boise, Idaho. Tamarack is a true
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four-season resort that combines the amenities of a complete ski resort with championship golf and water sports on the shores of a warm-water alpine lake.
Opened in 2005, Tamarack was the first year-round destination ski resort to gain regulatory approval in the United States since 1981. It boasts a regional climate that is ideal for yearround recreation – winters provide impressive amounts of high quality snow, while summers
:: LOCATION
WASHINGTON
Tamarack Resort is an upscale, 3,608-acre master-planned recreational community in
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MOSCOW
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LEWISTON
PASCO
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WALLA WALLA
ID
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are long and dry, making them ideal for a variety of outdoor activities including an extended
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golf season. Osprey Meadows Golf Course is a Robert Trent Jones II signature design, named “America’s Best New Course - $75 and Over” in 2006 by Golf Digest magazine. INTERSTATE
$579 million has been invested in the development of Tamarack, which is fully entitled
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McCALL
for the development of approximately 2,400 single-family and condominium units. 391
DONNELLY
units were sold through a succession of eight sell-out releases from 2004 through 2007,
CASCADE
generating more than $218 million. Roughly 226 units have been completed at Tamarack
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including custom homes, resort-built cabins and condominiums. Operations outside of real
WEISER
estate generated revenue of $12.7 million in 2008.
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1,100 acres of skiable terrain are served by seven lifts, with a total vertical drop of 2,800 feet. The orientation of the ski mountain faces east, which is optimal for this location. Slopes
MERIDIAN
are well sheltered from the dominant southwesterly winds and trails offer abundant choices
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STANLEY
LOWMAN
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BOISE
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for skiers of all abilities. In the winter, the golf course doubles as a Nordic center with 30 km
MOUNTAIN HOME
of rolling trails. Tamarack also owns a snowmobile operation and offers a variety of guided trips. Summer activities abound as the mountain was developed with an extensive network of
19 resort cabins are partially finished with completion costs estimated at $4
hiking and mountain biking trails designed by the International Mountain Biking Association.
million. An additional 2,000 units (most of them entitled) remain to be built at
The property extends to the shores of Lake Cascade, ideal for fishing, boating, kayaking, and
Tamarack, plus approximately 600 units which are expected to be permitted at
sailing; with all activities originating from Tamarack’s marina. Additional activities include
the Resort and a 620-acre ranch owned by the Resort five miles away.
on-site Zipline tours and rafting in nearby Payette River. The Resort’s 3,608 acres are comprised of 1,484 fee simple acres plus 2,124 Osprey Meadows Lodge is situated near the Village Plaza, Arling Center and other
acres covered under long-term lease with the State of Idaho. The existing skiable
amenities at the base of West Mountain. The Lodge houses the pro shop for the adjacent
terrain is situated on the leased land, with future development (three additional
Osprey Meadows Golf Course. Village Plaza is a six-building, mixed-use development
lifts) planned on an adjacent 5,000 acres, which is also government-owned
that is centrally located and approximately 60% complete. A hotel pad adjacent to the
(and currently used for off-site downhill skiing). Additional future development is
Village Plaza has been analyzed by multiple hotel operators and was also under contract
contemplated on 22 acres of shoreline property at Lake Cascade and the nearby
at one time.
620-acre Park Ranch.
TAMARACK RESORT :: TAMARACK, IDAHO :: EXECUTIVE SUMMARY
:: INVESTMENT HIGHLIGHTS
:: BACKGROUND
Resort-owned inventory
Tamarack began formal resort operations in 2005 and quickly became a respected destination. After four years of success, the Resort entered a period
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41 ski runs serviced by 7 ski lifts, including 3 high-speed quads
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112 platted lots, including multiple hotel and/or fractional sites
Tamarack’s main lender is Credit Suisse, who carries a $250 million note. In
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29 Residences (townhomes/cabins)
closed. Based on ongoing negotiations with creditors, the owners estimate
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Osprey Meadows Golf Course is a Robert Trent Jones II signature design.
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Osprey Meadows Lodge (restaurant, spa, pool, fitness, seasonal pro shop and locker rooms); 26 units sold (included in rental pool) plus 15 units held for rental.
of default when several vertical developers failed to exercise land options. March 2008 a foreclosure was initiated and in March 2009 the Resort was that a total investment of $75 million could obtain clear title and present an opportunity for extensive development.
:: REGIONAL / MARKETING INFORMATION Marketing efforts have centered primarily on the 19 cities with direct flights
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Village Plaza comprised of 6 buildings, 129 residences, 18 retail boutiques and 6
into Boise. Tamarack’s top markets include Idaho (30%), California (30%),
restaurants (60% finished with cost to complete estimated at $70 million).
Arizona (15%), Washington State and Oregon. Buyers from all other states
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Mid-mountain restaurant (shell complete, $5 million estimated to finish interior).
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Park Ranch, a 620-acre property 5 miles north planned for 400 homes.
account for 18% of real estate sales and 7% of buyers are foreign. Boise is the closest metropolitan area to Tamarack and has experienced rapid growth since the early 1990s and is consistently ranked among the top five fastest growing cities in the country.
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Entitlements for a total of approximately 2,000 additional residential units.
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25 miles of hiking and mountain bike trails
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Zipline operation – 8 lines totaling 4,425 feet in length (longest in U.S.)
The airstrip 18 miles north in the town of McCall serves private aircraft of all sizes and is home to U.S. Forest Service Smokejumpers. A plan to provide commercial air service into McCall has been favorably received by the FAA. As a major employer in Valley County and the Payette River Mountains, Tamarack enjoys strong support from the community and is viewed as a significant factor
Planned amenities •
70-slip permanent marina, boat rentals and related retail uses
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20 additional ski runs plus 3 additional ski lifts
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Equestrian center at Park Ranch
in the region’s growth. Idaho is an outdoorsman’s paradise with regional activities that include world-class fly-fishing on the Salmon River and rafting on both the Salmon and Payette Rivers. At 2.3 million acres, the nearby Frank Church River of No Return Wilderness Area is the largest contiguous protected wilderness area in the continental United States and approximately five times larger than Yellowstone National Park.
TAMARACK RESORT :: TAMARACK, IDAHO :: EXECUTIVE SUMMARY
TAMARACK RESORT 311 Village Drive Tamarack, Idaho 83615 www.cbregolf.com/tamarack
Jeff Woolson
Managing Director Golf & Resort Group Lic. 01073147 760.438.8530 jeff.woolson@cbre.com
Steve Lehr
Managing Director Land Services Group Lic. 20077433 952.924.4656 steve.lehr@cbre.com
Morgan Abbott
Senior Underwriter Marketing and Research Lic. 00368417 760.438.8536 morgan.abbott@cbre.com
Russ Johnson
Vice President Investment Properties Lic. DB31060 208.661.2850 russ.johnson@cbre.com
Š Copyright 2009, CB Richard Ellis, Inc. - Broker Lic. 00409987 - We obtained the information herein from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction. This offering memorandum is subject to the terms outlined in the confidentiality agreement. Reproduction of this document and its contents is strictly prohibited without the express written consent of CB Richard Ellis, Inc.